Access Capital provided a $2.5 million asset-based line of credit to Sterling Consolidated, a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years and creator of the blockchain-based cryptocurrency DiMO Token.
The loan’s capital availability was based on a formulaic review and analysis of the company’s accounts receivable and inventory.
As part of the loan agreement, Sterling paid in full its existing mortgage of $1,061,131 and its line of credit of $832,297 currently held by a New York commercial bank.
“This is another crucial next step in our expansion plans,” said Sterling CEO Darren DeRosa. “In signing this loan agreement, we will not be subject to the restrictive net income covenants of a commercial bank, and it frees up additional capital to align with our growth and acquisition plan.”
